Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago,

User Stats

59
Posts
43
Votes
Jesse Lynch
  • Real Estate Agent
  • Minneapolis, MN
43
Votes |
59
Posts

Bridge Loan for Rochester, MN Duplex?

Jesse Lynch
  • Real Estate Agent
  • Minneapolis, MN
Posted

Hi BP!

I currently have a duplex under contract in Rochester, MN to be purchased with FHA financing. Agreed purchase price $183k with seller paying closing costs, but the seller is being deported in two weeks, and according to my agent, he MUST close by then. I think even at that price, it's a great deal, livable and with comps around and upward of $250k.

My FHA lender can't close by then, and I'm being told I can't have a conversation with the seller about any sort of seller financing, as he has to liquidate and can only accept cash (or hard money).

With two weeks to go, is there any lender that could offer a bridge loan until I can close with FHA?

I see a chance to get it for even less than the $183k, as circumstances have changed, and I don’t want to lose it if I don’t have to.

Any help, references or advice would be appreciated!

Thanks!

Loading replies...